APA

African Press Association

Massive finance boost for Tanzania food production

London Stock Exchange

from ALLOYCE KIMBUNGA in Dar-es-Salaam, Tanzania
DAR-ES-SALAAM, (CAJ News)
– THE London Stock Exchange-listed Obtala Limited plans to invest US$10 million to accelerate food production in Tanzania over the next five years.

The investment, announced ahead of the World Economic Forum (WEF) on Africa, is poised to enhance employment and help deliver lasting economic and social impact in the East African country.

Obtala’s pledge is in line with the Grow Africa programme co-founded by WEF, together with the African Union (AU) and New Economic Partnership for
Africa’s Development (NEPAD) in 2011 to support African leaders to transform agriculture and ensure food security through investment, partnerships and enabling environmental improvements.

Grow Africa represents an impressive community of some 300 organisations, individuals and 200 companies which, to date, have raised US$10 billion of
inward investment in the region.

“We are very excited and proud to be part of the Grow Africa community,” said Miles Pelham, Obtala Chairman.

Obtala’s investment centres on building a leading-edge modular pack house, housing and training for new and current staff, as well as the development of an Outgrower (contract farming) Programme, at its 1 735 hectares of farmland in the eastern Morogoro.

The Obtala Group embraces a vertically integrated trading platform with emphasis on sustainable agriculture and forestry through their operations
in Mozambique and Tanzania.

– CAJ News